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Business contents cover is designed to replace the contents of shops, offices, restaurants, surgeries, garages, workshops and almost every other type of business in the event of fire, flood, theft, vandalism and accident. Use business contents insurance to replace cash, and pay for new fixtures and fittings, equipment, stock and samples, raw materials, and employees’ personal belongings if they’re damaged, lost, or stolen.
Stock insurance is a specific type of business insurance known as contents cover. It pays the cost of replacing or repairing your stock or inventory in the event that it is partially or totally lost, destroyed or damaged due to fire, theft, flood or malicious damage.
For many UK SMEs and sole traders, the bulk of their business worth is tied up in the stock they have on-site or in a warehouse. Often, the value of these goods and materials can run into the hundreds of thousands or even millions of pounds. If the stock was uninsured and it was suddenly lost due to any of the circumstances listed above, the impact on the business could be catastrophic. Instead, stock insurance eliminates this type of risk, allowing your business to continue trading even if the worst should ever happen.
Use stock insurance to protect:
If you keep stock and inventory on your business premises, or in a warehouse, then yes you do. Some general business insurance policies may exclude stock and inventory, or only provide protection up to a very low limit. Additionally, some stock, such as frozen foods, inflammable products, paints and chemicals and valuable machinery will require special stock cover due to higher risk.
Stock insurance will pay to repair or replace your stock if it is destroyed, damaged or stolen via these types of incidents:
Stock insurance will cover the cost of replacing your stolen stock up to the limit of your policy.
Your shop is broken into, and your entire stock of consumer electronics are stolen, leaving you unable to fulfill current or future sales.
Covers your stock and inventory if it is damaged or destroyed in a fire at your premises.
A short circuit causes an electrical fire that spreads to your stockroom, destroying everything within.
Covers your stock and inventory if it is damaged or destroyed by flooding, either through manmade or natural causes.
Heavy rain floods your store room, damaging the fashion goods you were intending to sell.
Protects you from loss if your stock if damaged or destroyed by vandalism or an act of malicious damage.
Someone breaks into your gift shop and pulls down a rack of expensive glassware.
All insurance policies have some exclusions and special terms and conditions, and stock insurance is no different.
Here are some common exclusions to be aware of:
Premiums for stock insurance can start at less than £20 per month, but actual costs will depend on your business type, your location, the security of your premises, the value of your stock, and the level of excess you agree to pay.
All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Don’t let the loss or damage of your stock call time on your business. Contact Swoop today to compare top-quality stock insurance from different providers and to discuss all your business insurance needs.
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